One of the strongest drivers for the development of new industrial materials is to decrease cost compared to existing materials while maintaining or improving properties. An important example is high temperature structural alloys for power generation systems. Higher operating temperatures in power generation result in reduced emissions and increased efficiencies. Conventional austenitic stainless steels currently offer good creep strength and environmental resistance up to 600-700° C. However, in order to meet emission and efficiency goals of the next generation of power plants structural alloys will be needed to increase operating temperatures by 50-100° C. High nickel austenitic stainless steels and nickel-based superalloys can meet the required property targets, but their costs for construction of power plants are prohibitive due to the high cost of nickel.